The bill amends New Jersey's tax credit provisions for businesses, focusing on compliance requirements and conditions for waiving employee time commitments. It mandates that businesses awarded tax credits submit an annual certificate of compliance to confirm they maintain the required number of full-time jobs, with penalties for non-compliance resulting in a proportional reduction of tax credits. The bill allows businesses to waive the requirement for full-time employees to spend at least 60% of their time at the business facility under specific conditions, including a minimum time commitment and a payment to support local economic initiatives. Starting April 1, 2024, businesses outside enhanced areas can reduce this requirement to 40% in exchange for extending their project maintenance period and making a non-refundable payment.

Additionally, the bill establishes a minimum capital investment threshold of $50 million and requires at least 250 full-time employees for tax credit eligibility. It clarifies that businesses cannot receive tax credits if they are already benefiting from other employment incentive agreements. The legislation also addresses the consequences of selling a qualified business facility, stating that the new owner will not inherit the seller's capital investment or tax credits. The New Jersey Economic Development Authority is tasked with implementing these changes and ensuring transparency in the distribution of funds collected from businesses opting for waivers, thereby enhancing economic development while supporting local businesses.

Statutes affected:
Introduced: 34:1B-120, 34:1B-129, 34:1B-209, 34:1B-247
Advance Law: 34:1B-120, 34:1B-129, 34:1B-209, 34:1B-247
Pamphlet Law: 34:1B-120, 34:1B-129, 34:1B-209, 34:1B-247